Wednesday, February 20, 2008

9,5 pips in 2 minutes on my 10 sec chart. Although the slope of the longer MAs was fine and MAs well separated, I closed trade at +9,5. Much more pips were waiting there, the trend was not over, BUT I have seen so many winning trades turn into losses... Now I close at +10-12 most of the time.

Saturday, February 16, 2008

Another mediocre week, a loss of 5,93%, due mainly to one important bad trade closed at -43 pips wich ruined the gains of the entire week. But the lowered again win/loss ratio shows that i took risky trades and shoot everything. 56 trades in 4 trading days, 14 per day, still above the target of max 10 per day.

Saturday, February 2, 2008

Lots of trades in January and this compromised the overall performance. 17,5 trades per trading day. One amazing number : January performance before commissions (before costs) is +31,3%!! This is how Interactive Brokers get richer and how traders lose money. The broker (like the casino) has always the edge and only very rare, selective and safe trading can beat this.

A bad, bad week, worst one in the last 3 months. Overtrading is my main problem. How can I win with 102 trades in 5 days, paying commissions on all these? Overtrading means also that I shoot on everything that moves, taking risky trades too, and that gives much more losing trades. In consequence, W/L ratio dropped below 1 for the first time. Bad, bad trading.

Need to cool down next week, max 50 trades, and keep on the safe side.

"When i trade at home, I often watch the sparrows in my garden. When I feed them bread, they take just a little piece at a time and fly away.They keep on flying back and forth, taking small bits of bread. You will never be able to shoot a sparrow, it is just too fast. That is the way I day trade". M. Weinstein.

"Μηδείς αγεωμέτρητος εισίτω μοι την θύραν". Plato

"Toute lucidité est la conscience d'une perte". E. Cioran

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There is nothing to sell on this blog. No signals, no "systems" for sale. Just my trading plan and the recording of my trades on eur/usd and the fx euro future recently. And the books, the music, the films I like.

The Forexbird is a professional currency trader. He is also photographer and engineer, a maths and music addict and curious about everything.

Short entry on the rush this one, a very dangerous one. I didn't enter at the 70 level break, then i was running after the price. Entry...

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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The author is not liable for any loss or damage which may arise directly or indirectly from the content of this website.